We've posted this image a few times over the past few months with many poor Monday's without some serious follow-through. It may be different this time or not. Is it some profit-taking? There is some of that with markets overbought from the previous week. But now we're back (again) evaluating the creditability of the eurozone "fix". This gives bulls the willies and makes people lose faith in the BS from these leaders.
Stocks reversed course sharply on this last trading day of October making mincemeat of previous euphoric headline spinning one of the greatest months in history. Sectors leading the way lower were materials (NYSEARCA:XLB) with Alcoa ((NYSE:AA) down sharply. MF Global (MF) filed for bankruptcy hurting the financial sector (NYSEARCA:XLF). Former GS CEO and New Jersey Governor Jon Corzine was the head of MF Global receiving a $14M 2010 salary. It's said he gambled foolishly on euro debt. But, he'll walk away with only some paperwork and worthless options to deal with.
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